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of <h1>No Penalties for Voluntary Income Disclosures Before March 31, 1986, u/s 10 of the CDS (ITP) Act 1974.</h1> The circular clarifies that under the CDS (ITP) Act 1974, penalties under Section 10 should not be initiated for higher income declared voluntarily in response to amnesty circulars before March 31, 1986, for the assessment year 1985-86 or earlier. This leniency is extended until September 30, 1986, for income disclosures related to the 1986-87 assessment year or prior years, as per the Board's circular dated April 4, 1986. All officers are instructed to take note of these guidelines, with a Hindi version to be issued subsequently.
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